Saving on your mortgage

wats bi weekly. payments
im paying off fortnightly and it takes from 30 years to 24 years to pay off.
if i do 1 extra payment will it have 11 years interst off.

wow that is soo awesome,i have to go into bank to change mine to pay weekly. cause at start i did ask bout weekly but they say not much diff from fortnightly however fortnightly big diff from monthly.

thanks for that and plus ill try my best to put bit xtra in if i can.
i also have a misor offset account but dont know if its 100%offset?

guys wats a good bank to take up home loan.
my status is this: this is my first home and i used mum and dad as guarantee and servicing. therefor i am limited to my choice of banks to begin with, says my mortgage broker. so i have joined commonwealth bank, however i am not satisfied with service and i think i can get better interest rate if i moved banks but i can only do this after first year has finished. i am currently on wealth package and nex year would like to talk to more mortgage brokers to find where best for me to go.

is this the best way to do this?
my gf says all her brothers use heritage and they say really good, wat u guys think?
any suggestions

quote: Cant you negotiate with curernt bank? Its in their interest to do so.
Im in a similar situation as you, but i would prefer to re-negotiate than generate more commissions for brokers and incur fees for re-financianig with a different bank.

thanks man that great idea, so ill go to other banks and mortgage brokers since they r free. then return and renegotiate with comm bank.

ill fill in wat happens thanks guys but ill be doing all this september or nex year thanks again

johnwilly1000:
keep us posted on your progress. i have been arguing with bank on some fees they want to charge me and the person i dealt with actually dont seem interested in re-negotiating.
I might go through the broker route and see waht i can get. I cant understand how arrogant the banks are though. They are pretty happy to lose a customer over their ridiculous policies and illogical fees. The only winners here are the brokers. The consumers being the biggest loser as per usual.

this is a topic that i'm currently going through, banks won't always tell you the best way to set up your accounts, not even a broker will, but a financial planner on the other hand, you will have to pay for a finacial planners services, i found that if you pay somebody for a service you will get good advice. Your not personally paying your bank manager a fee so why would he or she waste his time trying to help you he's there tyring to sell you a product and he's trying to make his quota for the month, same with a broker he want's to get in and out, sell you a product then move on to the next client, the bank or society will obviously pay him not you but he needs to sell sell sell. I found that my broker will come to my house sit down and do exactly what i'm paying him for, i'm in the comfort of my own home when it suits me. I'm fortunate that the broker that i use have struck a good relationship thus far and hope to keep using him for time to come. It's true that you may pay fees for exiting a bank early, but when you get the chance look for good advice not somebody trying to get to their quota, it may cost you up front but may also save more long term.

Hi everyone,

Talking about home finance... I applying for a home loan at the moment. http://www.startfinance.com.au

I don't know much about finance, mortgage, but I believe I've got a good deal.

It was time to stop paying rent anyway.

Good luck aussies

We thought we were making no headway on our mortgage. We are five years into a thirty year mortgage, but the balance had not come down at all. My friend at work referred me to this guy who showed me how to cut the 25 years left into 7 years so we invited him around for a coffee. He sat down with us and found out how much we were spending on everything from shoelaces to car payments and then put a plan together so we can pay off our mortgage in approxiametly 7 years. We have been doing his strategy for 3 months now and our balance has come down more than it had in five years. He also got us a better interest rate. Two major things he taught us was you need a formal plan and you have to get a bit business like, but I can tell you it works. You also need to set up your mortgage properly. If you want to chat to him he is contacable on chris.fahie@virginmoney.com.au.

Good luck

Charli

Hi all,

Its pretty easy to cut your mortgage down, for example as previously mentioned on a $250K loan change to fortnightly repayments, this can cut up to 8 years and around $160K in interest.

I know what your saying about lines of credit boomer althougn for the general population who are not very well disciplined with their money they can be a nightmare, I regularly refinace clients from OFI's into regular home loan products, recently had a client who had a LOC for 8 years and hadnt paid a cent off their mortgage and didnt know why?? Sometimes a small line of credit may be good alongside a standard home loan product, if someone has proven to themselves they can handle this type of loan they can then opt to change it to cover the total aggregated amount, just my opinion but i feel more comfortable recommending my clients go this way rather than the 'try it and see approach'

Cheers
Troy